-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PgNTG6BoMfWvnWvtLGJStYM+DVlzQQEK02XcT4GY7U7EOTn4XjLFcwkIKfbTW2sK XifRZJIgwBdhU6BKQKxaMg== 0000008411-04-000010.txt : 20040129 0000008411-04-000010.hdr.sgml : 20040129 20040129105245 ACCESSION NUMBER: 0000008411-04-000010 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20031231 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20040129 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ATWOOD OCEANICS INC CENTRAL INDEX KEY: 0000008411 STANDARD INDUSTRIAL CLASSIFICATION: DRILLING OIL & GAS WELLS [1381] IRS NUMBER: 741611874 STATE OF INCORPORATION: TX FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13167 FILM NUMBER: 04550951 BUSINESS ADDRESS: STREET 1: 15835 PARK TEN PL DR STREET 2: SUITE 200 CITY: HOUSTON STATE: TX ZIP: 77084 BUSINESS PHONE: 2817497845 MAIL ADDRESS: STREET 1: 15835 PARK TEN PL DR STREET 2: SUITE 200 CITY: HOUSTON STATE: TX ZIP: 77084 8-K 1 f8kdec312003.txt ATWOOD OCEANICS FORM 8-K 12/31/03 ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 ---------------- Form 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 DATE OF EARLIEST EVENT REPORTED: January 29, 2004 ATWOOD OCEANICS, INC. (Exact name of registrant as specified in its charter) COMMISSION FILE NUMBER 1-13167 TEXAS 74-1611874 (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 15835 Park Ten Place Drive 77084 Houston, Texas (Zip Code) (Address of principal executive offices) Registrant's telephone number, including area code: 281-749-7800 N/A - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report.) ================================================================================ ITEM 7. EXHIBITS EXHIBIT 99.1 PRESS RELEASE DATED JANUARY 29, 2004 EXHIBIT 99.2 CONSOLIDATED STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED DECEMBER 31, 2003 AND 2002 EXHIBIT 99.3 ANALYSIS OF CONTRACT REVENUES AND DRILLING COSTS FOR THE QUARTER ENDED DECEMBER 31, 2003 EXHIBIT 99.4 CONSOLIDATED BALANCE SHEETS AT DECEMBER 31, 2003 AND SEPTEMBER 30, 2003 EXHIBIT 99.5 CONTRACT STATUS SUMMARY AT JANUARY 29, 2004 ITEM 9. REGULATION FD DISCLOSURE On January 29, 2004, the Company announced its earnings for the Fiscal Year 2004 First Quarter ended December 31, 2003. A copy of the press release summarizing these earnings is filed with this Form 8-K as exhibit 99.1 and is incorporated herein by reference. The ATWOOD EAGLE is being mobilized to Australia, with estimated arrival around February 15, 2004. The rig should commence its drilling program in Australia around March 1, 2004. The ATWOOD FALCON has commenced its drilling program in Japan for Japan Energy Development Co. This drilling program is expected to take approximately 100 to 120 days to complete. Additional information with respect to the Company's Consolidated Statements of Operations for the three months ended December 31, 2003 and 2002, an analysis of Contract Revenues and Drilling Costs for the quarter ended December 31, 2003, Consolidated Balance Sheets at December 31, 2003 and September 30, 2003 and Contract Status Summary at January 29, 2004 are attached hereto as Exhibits 99.2, 99.3, 99.4 and 99.5, respectively, which are being furnished in accordance with rule 101 (e)(1) under Regulation FD and should not be deemed to be filed. Statements contained in this report with respect to the future are forward-looking statements. These statements reflect management's reasonable judgment with respect to future events. Forward-looking statements involve risks and uncertainties. Actual results could differ materially from those anticipated as a result of various factors; the Company's dependence on the oil and gas industry; the risks involved the construction of a rig; competition; operating risks; risks involved in foreign operations; risks associated with possible disruption in operations due to terrorism; risks associated with a possible disruption in operations due to a war with Iraq; and governmental regulations and environmental matters. A list of additional risk factors can be found in the Company' annual report on Form 10-K for the year ended September 30, 2003, filed with the Securities and Exchange Commission. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ATWOOD OCEANICS, INC. (Registrant) /s/ James M. Holland James M. Holland Senior Vice President DATE: January 29, 2004 EXHIBIT INDEX EXHIBIT NO. DESCRIPTION - ----------- ----------- 99.1 Press Release dated January 29, 2004 99.2 Consolidated Statements of Operations for the Three Months ended December 31, 2003 and 2002 99.3 Analysis of Contract Revenues and Drilling Costs for the quarter ended December 31, 2003 99.4 Consolidated Balance Sheets at December 31, 2003 and September 30, 2003 99.5 Contract Status Summary at January 29, 2004 EXHIBIT 99.1 Houston, Texas 29 January 2004 FOR IMMEDIATE RELEASE Atwood Oceanics, Inc., Houston-based international drilling contractor, announced today it incurred a net loss of $(1,904,000) or $(.14) per diluted share, on contract revenues of $35,325,000 for the quarter ended December 31, 2003, compared to net income of $950,000 or $.07 per diluted share on contract revenues of $29,841,000 for the quarter ended December 31, 2002. FOR THE THREE MONTHS ENDED DECEMBER 31, 2003 2002 ----------- ------------ Contract Revenues $35,325,000 $29,841,000 =========== =========== Income (Loss) before Income Taxes (64,000) 2,374,000 Provision for Income Taxes (1,840,000) (1,424,000) ------------ ----------- Net Income (Loss) (1,904,000) 950,000 =========== =========== Earnings (Loss) per Common Share - Basic (.14) .07 Diluted (.14) .07 Weighted Average Shares Outstanding - Basic 13,852,000 13,845,000 Diluted 13,852,000 13,912,000 Contact: Jim Holland (281) 749-7804 EXHIBIT 99.2 ATWOOD OCEANICS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) Three Months Ended December 31, --------------------------------- 2003 2002 ----------- ----------- (Unaudited) REVENUES: Contract drilling $35,325 $29,841 ------- ------- COSTS AND EXPENSES: Contract drilling 22,533 19,345 Depreciation 7,842 5,392 General and administrative 2,688 2,680 --------- ------- 33,063 27,417 -------- ------- OPERATING INCOME 2,262 2,424 --------- ------- OTHER INCOME (EXPENSE) Interest expense (2,334) (113) Interest income 8 63 -------- ------- (2,326) ( 50) -------- ------- INCOME (LOSS) BEFORE INCOME TAXES (64) 2,374 PROVISION FOR INCOME TAXES 1,840 1,424 --------- ------- NET INCOME (LOSS) $(1,904) $ 950 ======== ======= EARNINGS (LOSS) PER COMMON SHARE: Basic $ (.14) $ .07 Diluted (.14) .07 AVERAGE COMMON SHARES OUTSTANDING: Basic 13,852 13,845 Diluted 13,852 13,912 EXHIBIT 99.3 ATWOOD OCEANICS, INC. AND SUBSIDIARIES ANALYSIS OF CONTRACT REVENUES AND DRILLING COSTS FOR THE QUARTER ENDED DECEMBER 31, 2003 (Unaudited) CONTRACT CONTRACT DRILLING DRILLING REVENUES COSTS --------------- ---------------- (In Millions) ATWOOD FALCON $ 6.0 $ 2.4 VICKSBURG 5.8 2.2 SEAHAWK 5.2 2.1 ATWOOD EAGLE 4.7 3.8 ATWOOD BEACON 4.3 2.2 ATWOOD SOUTHERN CROSS 3.9 4.4 ATWOOD HUNTER 2.7 2.9 RICHMOND 2.2 1.9 OTHER 0.5 0.6 ----- ----- $35.3 $22.5 ===== ===== EXHIBIT 99.4 ATWOOD OCEANICS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands) DEC. 31, 2003 SEP. 30, 2003 (Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $19,253 $21,551 Accounts receivable 20,779 30,864 Income tax receivable 3,278 3,278 Inventories of materials and supplies at lower of average cost or market 12,076 12,583 Deferred tax assets 550 550 Prepaid expenses and other 6,410 7,186 --------- -------- Total Current Assets 62,346 76,012 --------- -------- PROPERTY AND EQUIPMENT: Drilling vessels, equipment and drill pipe 629,796 629,167 Other 9,079 9,072 --------- -------- 638,875 638,239 Less-accumulated depreciation 202,974 195,137 --------- -------- Net Property and Equipment 435,901 443,102 --------- -------- DEFERRED COSTS AND OTHER ASSETS 3,761 3,560 --------- -------- $502,008 $522,674 ========= ======== LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Current maturities of notes payable $27,000 $24,000 Accounts payable 3,747 10,403 Accrued liabilities 8,530 8,851 Deferred Credits 1,500 6,695 ---------- -------- Total Current Liabilities 40,777 49,949 ---------- -------- LONG-TERM NOTES PAYABLE, net of current maturities: 172,000 181,000 ---------- -------- 172,000 181,000 ---------- -------- OTHER LONG TERM LIABILITIES Deferred income taxes 20,618 21,218 Deferred credits and other 7,041 7,040 ---------- -------- 27,659 28,258 ---------- -------- SHAREHOLDERS' EQUITY: Preferred stock, no par value; 1,000,000 shares authorized, none outstanding 0 0 Common stock, $1 par value, 20,000,000 shares authorized with 13,852,000 issued and outstanding 13,852 13,851 Paid-in capital 57,412 57,404 Retained earnings 190,308 192,212 ---------- -------- Total Shareholders' Equity 261,572 263,467 ---------- -------- $502,008 $522,674 ========== =========
EXHIBIT 99.5 ATWOOD OCEANICS, INC. AND SUBSIDIARIES CONTRACT STATUS SUMMARY AT JANUARY 29, 2004 NAME OF RIG LOCATION CUSTOMER CONTRACT STATUS - ----------------- -------- --------------- --------------------- SEMISUBMERSIBLES - - ------------------ ATWOOD FALCON JAPAN JAPAN ENERGY DEVELOPMENT In January 2004, the rig commenced its two-well CO. LTD. ("JED") drilling program for JED. The drilling program is estimated to take approximately 100 to 120 days to complete. Immediately upon completing the JED contract, the rig will be moved to China to drill one well for Husky Oil China Ltd. ATWOOD HUNTER EGYPT BURULLUS GAS CO. On December 31, 2003 the rig commenced a drilling ("BURULLUS") program for Burullus which includes ten firm wells plus options to drill six additional wells. The drilling of the ten firm wells are expected to take around 400 days to complete, and if all the option wells are drilled, the contract could extend for approximately 550 days. ATWOOD EAGLE MOBILIZING TO BHP BILLITON PETROLEUM The rig is currently being mobilized to Australia, AUSTRALIA PTY. LTD. ("BHP") AND with anticipated arrival around February 15, 2004. APACHE ENERGY LIMITED The Company has commitments from BHP and Apache to ("APACHE") drill three firm wells plus options to drill an additional four wells. Drilling of the three firm wells (expected to commence around March 1, 2004) is expected to take three to four months to complete. Drilling contracts with BHP and Apache should be formalized in early February 2004. SEAHAWK MALAYSIA EXXONMOBIL EXPLORATION & The rig's current contract terminates in December PRODUCTION MALAYSIA 2004, with an option for the operator to extend. INC. ("EMEPMI") EMEPMI has the right to terminate the contract after the completion of the first six months of the extension period (which commences in December 2003) with 120 days written notice. ATWOOD SOUTHERN CROSS INDIA The rig is currently idle in India while waiting for its next contract opportunity. Contract opportunities for additional work are being pursued in India, Malaysia and other areas of Southeast Asia. SEASCOUT UNITED STATES The SEASCOUT was purchased in December 2000 for future GULF OF MEXICO conversion to a tender-assist unit, similar to the SEAHAWK, once an acceptable contract opportunity is secured. The rig is currently coldstacked. CANTILEVER JACK-UPS - - --------------------- VICKSBURG MALAYSIA EXXONMOBIL EXPLORATION & In October 2002, the rig commenced a two-year drilling PRODUCTION MALAYSIA INC. program (with an option by EMEPMI for one additional ("EMEPMI") year), with EMEPMI having the right to terminate the drilling program after one year. The estimated completion date of the current platform is around May 1, 2004. ATWOOD BEACON MALAYSIA PETRONAS CARIGALI SDN. In early August 2003, the rig commenced working under BHD. ("PETRONAS") a contract with Murphy Sarawak Oil Company, Ltd. ("Murphy") which provided for the drilling of three firm wells plus options to drill five additional wells off the coast of Malaysia. Murphy exercised its option to extend the contract for the additional five wells and then assigned four of the option wells to Petronas. Petronas has awarded the rig four more firm wells for a current total of eight wells to be drilled. Petronas is presently drilling its second well. Drilling of the eight wells is expected to take until June/July 2004. Contract opportunities for additional work following completion of the Petronas contract are being pursued in Malaysia as well as other areas outside of Malaysia. SUBMERSIBLE - - ------------- RICHMOND UNITED STATES UNION OIL COMPANY OF In September 2003, the rig commenced a two-well plus GULF OF MEXICO CALIFORNIA ("UNOCAL") one option well contract for UNOCAL. UNOCAL has exercised the option well and in addition, has awarded the rig two more firm wells providing for a total of five wells to be drilled under the contract. The drilling of the five wells is expected to take until around March/April 2004. MODULAR PLATFORMS - - ------------------- GOODWYN 'A' /NORTH AUSTRALIA WOODSIDE ENERGY LTD. There is currently an indefinite planned break in RANKIN 'A' drilling activity for the two client-owned rigs managed by the Company. The Company is involved in maintenance of the two rigs for future drilling programs.
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